BREAKING: The Reserve Bank has lifted interest rates for a SIXTH consecutive month, increasing the cash rate by another 25 basis points to 2.6 per cent. FULL STORY: 9News
for a sixth consecutive month as the central bank battles to lower spiralling inflation.
RBA Governor Philip Lowe said the Board decided to increase rates by a smaller-than-expected 25 basis point jump given the rapid increase in the cash rate over the past six months. While borrowers were expecting the size of the RBA's rate hikes to slow, experts say there is little relief in sight for already-stretched household budgets.
Mickenbecker said the flow-on effect of rapid consecutive rate rises will heap stress on those who recently bought into the market.Following a meeting of the RBA board today, Australia's interest rate was lifted by 0.25 per cent or 25 basis points from 2.35 per cent to 2.60 per cent. Brendan Paul, senior portfolio manager at investment firm Atrium, said Australians are particularly at risk due to the high level of debt held by ordinary households.
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